Goodwill

We test goodwill for impairment annually (as of July 1) or more frequently whenever events or circumstances more likely than not indicate that the fair value of the reporting unit may be below its carrying amount. The fair value of our reporting unit was estimated using a combination of income (discounted cash flow analysis) and market approaches. Both approaches are dependent upon several assumptions regarding future periods, including assumptions with respect to future sales growth, commodity costs and a terminal growth rate. A weighted average cost of capital (“WACC”) was used to discount future estimated cash flows to their present values. The WACC was based on externally observable data considering market participants’ cost of equity and debt, optimal capital structure and risk factors specific to our company. The market approach estimated the fair value of our business based on comparable publicly-traded companies in our industry. We completed the required annual goodwill impairment test as of July 1, 2017, and the fair value was substantially in excess of net asset carrying value.

The changes in the carrying amount of goodwill are as follows (in millions):



Balance at December 31, 2015	$	678.4
Goodwill acquired^(a)	84.1
Currency translation adjustment	(0.2		)
Balance at December 31, 2016	762.3
Currency translation adjustment	2.4
Balance at December 31, 2017	$	764.7

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(a)	We acquired $84 million of goodwill in conjunction with our acquisition of Corpak (see Note 6, “Business Acquisition”).